Sundance shoots up on project progress

SHARES in Sundance Resources as much as doubled today after the company signed a memorandum of understanding to advance its Mbalam-Nabeba iron ore project.

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Sundance signed the MoU with private Chinese company Tidfore Heavy Equipment Group Co to establish a framework for cooperation to establish the required consortium of expertise to fund or assist in funding the project and its infrastructure.

Tidfore has signed a joint venture framework agreement with China Civil Engineering Construction Corporation over infrastructure construction for the project, which sits on the border of Cameroon and the Republic of Congo.

The project requires a 540km railway line through Cameroon to a proposed deepwater port, as well as a 40km spur line in the RoC.

It is proposed the infrastructure will be funded by the Cameroon government, with Sundance subsidiary Cam Iron...